SunSirs: China Domestic Refined Oil Prices Rise for the 10th Time

The current round of domestic oil product price adjustment started at 24:00, July 12, and the current round of domestic oil price will usher in a slight increase, which is the tenth increase this year.

Entering this round of pricing cycle, OPEC+ production policy is the main factor affecting the international crude oil price. The market focus has shifted to the positive effect of continuous decline of commercial crude oil inventory in the United States, and the sustained recovery of the international economy has brought a boost to the market, which is good for the international crude oil market. On the floor, the oil producing countries are optimistic about extending the production reduction agreement, and it is revealed that Saudi Arabia and Russia have reached a preliminary agreement on the plan. OPEC production will increase by 400000 barrels/ day every month from August to December, which is lower than the market expectation, making the market optimistic. As of July 9, Beijing time, the settlement price of the main contract of WTI crude oil futures market in the United States was $74.56/ barrel, and the settlement price of the main contract of Brent crude oil futures market was $75.55/ barrel. The retail price of domestic oil products has been raised for the tenth time in this year. The current round of increase is 70 RMB/ ton for gasoline and 655 RMB/ ton for diesel. The domestic oil products have ushered in "three consecutive rises".

In the later stage, the global crude oil demand is still optimistic, but the progress of OPEC+ conference will still influence the trend of crude oil. The international crude oil price may be under pressure to maintain a high level. The pressure of international crude oil continues to rise, a new round of retail price may be slightly reduced. The price adjustment will start on July 26, 2021.

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